That time Buterin sold 500,000 Eth for $ 0.98

That time Buterin sold 500,000 Eth for $ 0.98

By Roberto D. | CryptoFarm | 20 Nov 2020

Mike Novogratz, CEO of Galaxy Digital, a financial services firm specializing in digital assets, admitted that he bought 500,000ETH from Ethereum co-founder Vitalik Buterin five years ago (2015), paying a favorable price of USD 0.98 - 0. USD 99 per ETH.

Today, ETH is trading at around $ 460, but in a recent Youtube interview, Novogratz said it sold an unspecified amount of ETH for "$ 1200 a coin".

In any case, the entire reserve would be worth $ 232 million today. As if that weren't enough, it's almost the same amount of ETH that the Ethereum community struggles to find to launch Ethereum 2.0 Phase 0.

"Ether was trading for around 95 cents, but back then it wasn't easy to buy. There were some exchanges, but it was illegal if you were a New Yorker to buy it, because you could only do it from regulated exchanges."

Novogratz said.

The CEO recalls that the sale was above the market price of ETH and the final price was raised just before he shook hands with Buterin on the deal.

“So, my first ether, I actually bought it from Vitalik. I called him, met him once, at dinner, he remembered me but he didn't know me ... but they thought it was good for the community that a Wall Street dude bought it, so I bought half a million ether at 99 cents, or maybe 98 cents. He changed the price for me at the last minute from 98 to 99 because I waited too long and the price was going up, ”according to Novogratz.

Today, Buterin's publicly known ETH wallet contains ETH 333,348 ($ 155 million more or less).



Novogratz also stated:

"And then I opened an office, a family office in January of the following year, and I took myself more seriously: wow, that crypto thing will be real. pile of something that works, you don't feel that tremendous need to sell. I've sold a few, of course.  [...]   I was actually selling some of my original one dollar to twelve hundred [dollars per ETH] purchases and I was thinking to myself ... [that] I can't think of many other [similar] things in life [why] ten to one is a big deal, a hundred to one is a big deal, but a thousand to one? "

ETH was trading above USD 1,000 per coin only in January 2018.


At the present time, ETH is trading at (see box below) and increases by almost 2% in one day and 3% in a week. The price went up 24% in one month and 150% in one year.


What do you think about it? I won't hide the fact that the first thing I thought was that I wanted to be in Novogratz's shoes, the truth is that 500 thousand ETH even at 0.98 meant paying $ 490 thousand, and I'm not rich.

So with sadness and disappointment I close this article, thanks if you have come this far, and the next one!



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Roberto D.
Roberto D.

Born, and still living, in Italy. Passionate about cryptocurrencies since I discovered ethereum in 2016


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